Waterway Company had 130 units in beginning inventory at a total cost of $14,300. The company purchased 260 units at a total cost of $36,400. At the end of the year, Waterway had 60 units in ending inventory. Waterway Company uses a periodic inventory system. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to O decimal places, eg. 1.250) The cost of the ending inventory The cost of goods sold $ Average-cost method $ FIFO Which cost flow method would result in the highest gross profit? LIFO Which cost flow method would result in inventories approximating current cost in the balance sheet? $ Average-cost

Waterway Company had 130 units in beginning inventory at a total cost of $14,300. The company purchased 260 units at a total cost of $36,400. At the end of the year, Waterway had 60 units in ending inventory. Waterway Company uses a periodic inventory system. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to O decimal places, eg. 1.250) The cost of the ending inventory The cost of goods sold $ Average-cost method $ FIFO Which cost flow method would result in the highest gross profit? LIFO Which cost flow method would result in inventories approximating current cost in the balance sheet? $ Average-cost

Name: Waterway Company had 130 units in beginning inventory at a total cost
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Description: Waterway Company had 130 units in beginning inventory at a total cost of $14,300. The company purchased 260 units at a total costof $36,400.At the end of the year, Waterway had 60 units in ending inventory. Waterway Company uses a periodic inventory

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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